Victor Ugochukwu · Dec 14, 2020 . 5min read
Binance Smart Chain partners with PeckShield for security on DeFi services
Binance Smart Chain (BSC) says that it will be working with PeckShield on promoting its newly launched Cryptosafe Alliance.
By Victor Ugochukwu · Sep 18, 2020 . 6min read
Binance Smart Chain, a smart contract enabled blockchain platform by Binance cryptocurrency exchange announces strategic partnership with PeckShield, a security audit company for DeFi security services.
In an announcement, Binance Smart Chain (BSC) says it will be working with PeckShield on promoting its newly launched Cryptosafe Alliance. Also, this partnership should help promote early warning signals and responses to possible DeFi scams or other risks. Some of these risks include a bug in rebase codes and other vulnerabilities we see in major DeFi projects. Many of these protocols are springing up with unaudited codes in their hundreds daily.
PeckShield, on its own, has a rich experience working with open-source projects and primarily involved in auditing DeFi smart contracts. Some of these projects are well-known names like including Maker DAO, Aave, bZx, StarkWare, dForce, TokenLon, Newdex, DoDo, Zerion, InstaDApp, YAM, SushiSwap etc. Additionally, BSC’s choice of selecting PeckShield is due to the rich experience of the team behind the security audit firm. PeckShield was established in 2018 by a core team with a strong technical background with stints across mainstream firms. From Qihoo 360, Intel, Juniper, and Alibaba, etc., the list goes on.
The partnership with PeckShield allows Binance Smart Chain to reduce the risks of “rug pull” among others. Rug pull, a situation where anonymously led DeFi projects intentionally insert backdoors in their codes for a possible exit scam. Added to that the risk may also include rebase bug as we saw with the YAM experiment and Swerve.
Binance Smart Chain partnership with PeckShield may mean slower network growth.
However, there are always two sides to a coin, Binance Smart Chain’s careful approach also means there might be fewer projects launching there. No doubt it comes with lesser transaction fees, low latency and high throughput as compared with Ethereum. However, it still needs to match the Ethereum community in terms of projects building atop of it. Despite people perpetuating a lot of scams using Ethereum, it has not stopped supporting innovative solutions. The Bull Run the industry broke into after a protracted crypto winter was due to Ethereum’s support for DeFi. A lot of unaudited smart contracts are out there, but the growth and solutions have been both short of phenomenal.
In conclusion, BurgerSwap zoomed off nicely on Binance Smart Chain; let’s see if this latest partnership drives more migrates more DeFi projects to it.
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